Bitcoin‘s recent price action has sent ripples through the cryptocurrency market, raising concerns among investors as the leading digital asset undergoes a significant correction. After an impressive rally, the focus now shifts to whether Bitcoin can maintain its upward momentum or will face a critical test at the $65,000 support level.

As market sentiment shifts, this analysis aims to explore the recent correction in Bitcoin’s price and assess the likelihood of a retest of the crucial $65,000 level. By analyzing key market indicators and trader sentiment, the goal is to offer insights into whether this significant support can withstand pressure or if further declines are on the horizon.

Analyzing Bitcoin’s Correction And Current Price Movement

The price of Bitcoin on the 4-hour chart shows a notable bearish momentum as it attempts to break below the critical 100-day Simple Moving Average (SMA). If BTC successfully drops below the 100-day SMA, it could signal more weakness and accelerate the decline toward the $65,000 support level.

Also, the 4-hour Composite Trend Oscillator for Bitcoin (BTC) is generating negative signals, with the signal line crossing below the SMA line. Typically, this crossover is a key indicator of momentum shift, often suggesting that the downward pressure is intensifying. As both lines approach the zero lev

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Author: Godspower Owie